I would say you likely have no chance at $329K for a bank owned home currently priced at $410K. I hate to say it, but the bank may negotiate 5% off, but you are looking for 25% off...that's almost unheard of. Banks rarely miss the mark by that much. As well, you've confirmed that it's already the lowest price that recent comps, which is something the banks know too. If it doesn't sell in 40 days, they'll likely lower by 4-5%, in 120 days, if it's still on the market, they may be more willing to entertain your offer, but if it's been on the market for less than 30 days, I can't see how they would think that was the best offer they were ever going to get.
If you are interested, my company has a network of Top Buyers agents in you area and I would be happy to help put you in contact with a knowledgeable REALTOR. Just let me know if I can be of assistance.
Coldwell Banker Residential Brokers
It ultimatley is up to the bank and the will not sell the home for much less than an appraisal on the home.
You can submit the offer and wait, if you have an agent they should be walking you through the steps and the process of a short sale.
Feel free to call if you have any questions!